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Fjordland eyes involvement in CanAlaska's Athabasca Basin assets

Last updated: 11:14 25 May 2016 EDT, First published: 06:14 25 May 2016 EDT

Diamonds.
Fjordland has optioned two claim groups of 449 hectares and 2,045 hectares, respectively

CanAlaska Uranium Ltd’s (CVE:CVV) properties in the north-western Athabasca basin, Saskatchewan, continue to elicit interest from its mining peers.

Following last week’s news that De Beers Canada Inc had taken out an option over kimberlite-style targets staked by CanAlaska in the basin, news has now emerged that Fjordland Exploration Inc (CVE:FEX) is to pay C$50,000 in cash for an option to purchase two claim groups.

Under the terms of the agreement, and subject to TSX Venture Exchange approval, Fjordland has optioned two claim groups of 449 hectares and 2,045 hectares, respectively. These claims cover anomalous magnetic response targets identified in the 2011 Saskatchewan government airborne magnetics survey.

Claim MC00004307 has two prominent magnetic targets. Claim MC00004306 has seven prominent targets, Fjordland said.

In addition to the cash payment, Fjordland will issue 4mln shares to CanAlaska.

CanAlaska has reserved a 4% gross overriding royalty (GOR) for diamonds and a 2% net smelter returns royalty for other minerals.

Fjordland has the right to purchase up to a 2% GOR from CanAlaska, paying $500,000 for each half of a percentage point of GOR. Total work commitments are $100,000 by the end of 2017; not less than 40% of expenditures shall qualify as allowable assessment work, Fjordland said.

"The acquisition of these two claim groups advances Fjordland's exploration phase in this emerging exploration project which seeks to identify diamondiferous kimberlites," said Richard Atkinson, president of Fjord land.

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